{"id":573548,"date":"2020-08-10T04:09:41","date_gmt":"2020-08-10T04:09:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/10\/what-were-tracking-on-10-august-2020\/"},"modified":"2020-08-10T04:09:41","modified_gmt":"2020-08-10T04:09:41","slug":"what-were-tracking-on-10-august-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/10\/what-were-tracking-on-10-august-2020\/","title":{"rendered":"What we\u2019re tracking on 10 August 2020"},"content":{"rendered":"

Happy Monday morning, friends. <\/strong>The big stories in a slow \u201cpeak summer\u201d week here in Egypt: Interest rates, foundering talks with Ethiopia and another return to the polls.<\/p>\n

Egyptians abroad: Today is the last day you can vote in the Senate elections.<\/strong> The polls opened for expats yesterday and will close tonight. Voters here at home head to the ballot box tomorrow and Wednesday. Voters will elect 200 of the 300 members of chamber; the remaining 100 are appointed by presidential order. This is the first-ever election for the newly reconstituted upper house of parliament, which replaces the disbanded Shura Council.<\/p>\n

What does a senate do, anyway? <\/strong>Among other things, the upper house of our soon-to-be bicameral parliament will be called to weigh in on the government\u2019s economic and social policies in general and to ratify international treaties. Senators may also be asked to comment on any future constitutional amendments and any other policy issues the president sends its way. One key here is the word \u201copinion,\u201d namely that the Senate will \u201cgive its opinion on these matters\u201d to the presidency and to the speaker of the House of Representatives.<\/p>\n

GERD talks could resume today \u2026 with Ethiopia talking to itself.<\/strong> Negotiations over the filling and operation of the Grand Ethiopian Renaissance Dam are supposed to restart today, but Egypt and Sudan have both suggested they may boycott them over Ethiopian intransigence. We have more in this morning\u2019s Diplomacy + Foreign Trade, below.<\/p>\n

The Central Bank of Egypt will meet to review interest rates on Thursday.<\/strong> The CBE is poised to leave rates on hold, Bloomberg<\/a> suggests, noting that we offer \u201cone of the world\u2019s highest inflation-adjusted interest rates\u201d that have \u201cmade the nation [attractive] to carry-trade investors again. Rates in Egypt are on par with Malaysia\u2019s at the head of the list of 50 major economies the business information service tracks.<\/p>\n

Inflation data for July is due out today.<\/strong> Annual urban inflation ticked up to 5.6% in June<\/a> after hitting six-month lows<\/a> in May.<\/p>\n

RiseUp is holding a three-day digital conference starting Thursday: <\/strong>RiseUp from Home<\/a> will bring together regional entrepreneurs for its first event since the onset of the pandemic and feature talks from some regional entrepreneurs, investors and business experts.<\/p>\n

What will the upcoming year look like for public schools and universities? We\u2019ll get a <\/strong>better idea on <\/strong>20 August.<\/strong> That\u2019s when the ministers of education and higher education are set to present a comprehensive plan to Prime Minister Moustafa Madbouly, according to a cabinet statement<\/a>. Some form of blended learning is on the menu for the nation\u2019s educational institutions, which will see students divided into smaller groups for the in-person portion of their classes, and will rely on the government\u2019s remote learning platforms for homework, assignments, and tests.<\/p>\n

The blended learning model could be here to stay, even when the covid-19 pandemic <\/strong>abates<\/strong>, the statement suggests. Details on the government\u2019s plans moving forward are still scant, but the statement suggests the ministers are looking at how to use the model in the long term. We\u2019ve delved into the transition to blended learning, including what schools<\/a>and parents<\/a>think of online education, Blackboard, our weekly deep dive into the education industry.<\/p>\n

Starting a new company is an act of optimism \u2014 one Egyptians <\/strong>repeated 2,209 times in<\/a><\/strong>July<\/a><\/strong>.<\/strong> GAFI registered 2,209 new companies last month \u2014 an uptick of 2.2% year-on-year and the second month in a row<\/a> of y-o-y increases after new company formation plunged in April under lockdown measures in place to stem the spread of covid-19.<\/p>\n

Qalaa Holdings announced three recipients of full scholarships to pursue graduate <\/strong>studies at top universities<\/strong> in a \u201climited\u201d edition of the annual program, according to a statement (pdf)<\/a>. The largest private-sector scholarship program, which has been going strong for 14 years, typically awards scholarships to 15-20 recipients each year. However, the Qalaa Holdings Scholarship Foundation elected to limit the number of recipients in its fourteenth class due to disruptions from the pandemic, including restrictions on travel and online learning. This year\u2019s winners will study finance, psychology and law at top universities in the United Kingdom.<\/p>\n

\n

THE LATEST ON COVID-19-<\/strong><\/p>\n

The Health Ministry reported 178 new covid-19 infections yesterday \u2014 the fifth <\/strong>consecutive day of rising single-day case numbers<\/strong> after the country hit a 15-week low on 4 August. The ministry also confirmed<\/a> 17 new deaths from covid-19 yesterday, bringing the country\u2019s total death toll to 5,009. Egypt has now disclosed a total of 95,492 confirmed cases of covid-19.<\/p>\n

<\/a> Hospitals in Egypt are gearing up for an anticipated second wave of covid-19 infections<\/strong> and are re-opening isolation facilities following a directive from Health Minister Hala Zayed, according to the head of Matrouh\u2019s Al Negila Hospital, Mohamed Taleb. The hospital was Egypt\u2019s first isolation facility when the pandemic broke out. Taleb told Masaa DMC\u2019s Eman El Hosary last night that while case counts have been decreasing over the past month, the hospital has begun admitting new cases over the past three days (watch, runtime: 3:08<\/a>).<\/p>\n

Hotels didn\u2019t have a great Eid:<\/strong> Hotel occupancy rates during the Eid break ranged between 25-30%, as fears of covid-19 and the uncertain economic situation continue to weigh on the sector, deputy head of the Hotel Establishment Chamber Hisham Al Shaer said, according to the local press<\/a>. Things haven\u2019t looked much better for hotels in the first week of August either, with occupancy rates in the Red Sea, South Sinai, and Matrouh governorates ranging between 20-30%. Hotels that have obtained health and safety certificates are allowed to operate at a maximum 50% capacity.<\/p>\n

USAID has donated 250 ventilators to hospitals in Egypt<\/strong> under a cooperation framework with multilateral and bilateral development institutions launched in April by the International Cooperation Ministry, Minister Rania Al Mashat was quoted as saying<\/a> by MENA.<\/p>\n

Covid-19 vaccines may be only 75% effective: <\/strong>White House covid-19 advisor Anthony Fauci said the chances of having a highly effective vaccine \u2014 one that offers a minimum of 98% protection \u2014 are slim, according to CNBC<\/a>. Scientists are instead hoping for a vaccine that is at least 75% effective while 50% or 60% would also be acceptable. The US Food and Drug Administration (FDA) said it would approve any vaccine that is at least 50% effective.<\/p>\n

\n

enterprise<\/a><\/p>\n

\n

Lebanese gov\u2019t resignations are beginning to roll in as anger mounts over<\/strong> explosion: <\/strong>Lebanese Information Minister Manal Abdel Samad and Environment Minister Damianos Kattar have resigned amid nationwide protests against the government\u2019s failure to prevent last week\u2019s deadly explosion in Beirut, state television announced, according to Bloomberg<\/a>. Protestors demanding a regime change clashed yesterday<\/a> with police as they broke into the housing and transport ministry offices. On Saturday, they briefly occupied the foreign, economy, and energy ministries.<\/p>\n

Lebanon isn\u2019t the only country in the region whose government is coming under<\/strong> pressure:<\/strong> Thousands of people protested outside Israeli PM Benjamin Netanyahu\u2019s house on Saturday demanding that he resign over corruption allegations and for his response to the pandemic, Reuters<\/a> reports.<\/p>\n

Aramco sticks to its guns on dividend payouts:<\/strong> Saudi Aramco remains committed to paying out USD 75 bn in dividends this year despite dwindling profits and mounting debt after a tumultuous year for the company, Bloomberg<\/a> reports. The state-owned oil producer said net income crashed 73% in the second quarter due to the collapse in oil prices in April. At the same time, the company\u2019s debt has surged, due largely to the USD 70 bn loan taken from the country\u2019s sovereign wealth fund to takea 70% stake<\/a> in chemicals company SABIC from the Public Investment Fund.<\/p>\n

Israel\u2019s Leviathan field could be transformed into a global gas supplier with the<\/strong> entry of Chevron as a stakeholder<\/strong> through its acquisition of Noble Energy, Delek Drilling CEO Yossi Abu said, according to Reuters<\/a>. Chevron will \u201cbring a significant LNG capability\u201d to the concession, Abu said. The Houston-based energy group had last month announced its plan to acquire Noble, which controls the Leviathan natural gas field alongside Delek. For those of you keeping track at home \u2014 Noble and Delek are the two companies that had signed a landmark USD 15 bn agreement<\/a> to export natural gas to Egypt from the field.<\/p>\n

Asia, Africa and Latin America saw deforestation accelerating 77% since the start<\/strong> of the pandemic<\/strong> in comparison to 2017-2019 average rates, as many people unable to go to work began to chop down trees for crop production and the sale of wood, according to Global Land Analysis and Discovery data picked up by the Financial Times<\/a>. Satellites detecting a loss of tree cover showed a sharp uptick in deforestation in Africa and Asia during the first half of the year, especially April and May.<\/p>\n

enterprise<\/a><\/p>\n

Netflix <\/strong>released<\/a><\/strong> its first look images of Egypt\u2019s first Arabic original series on the<\/strong> streaming platform, \u201cParanormal,\u201d <\/strong>an adaptation of the novel by late author Ahmed Khaled Tawfik. The show follows Dr. Refaat Ismail (Ahmed Amin) and his colleague Maggie Mckillop (Razane Jammal) who experience a series of paranormal incidents and try to save their loved ones from danger. The series is written, produced, and directed by Amr Salama, with Mohamed Hefzy as executive producer. Paranormal is slated for a Fall 2020 release.<\/p>\n

Instagram has launched its wholly original app Reels in Egypt,<\/strong> the company said in a<\/a>statement (pdf)<\/a> yesterday. Totally not taking its cue from another wildly popular social media app, Reels allows users to take short video clips, set them to music and share them with friends.<\/p>\n

enterprise<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n

In today\u2019s issue:<\/strong> We revisit the education services sector\u2019s performance on the EGX since the outset of the covid-19 pandemic. The sector has proven itself as a defensive sector, outperforming the broader stock market in the past five months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Happy Monday morning, friends. The big stories in a slow \u201cpeak summer\u201d week here in Egypt: Interest rates, foundering talks with Ethiopia and another return to the polls. Egyptians abroad: Today is the last day you can vote in the Senate elections. The polls opened for expats yesterday and will close tonight. Voters here at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[97,271,107,72,182,349,108,127,392],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573548","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-agriculture","tag-central-bank-of-egypt","tag-covid-19","tag-enterpriseam","tag-inflation","tag-interest-rates","tag-lebanon","tag-politics","tag-senate","wpautop","entry"],"acf":{"mongo_id":"c3974afe-238f-4f21-928a-10c96fa2bcd3","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[573546],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 10 August 2020 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/10\/what-were-tracking-on-10-august-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 10 August 2020\" \/>\n<meta property=\"og:description\" content=\"Happy Monday morning, friends. The big stories in a slow \u201cpeak summer\u201d week here in Egypt: Interest rates, foundering talks with Ethiopia and another return to the polls. Egyptians abroad: Today is the last day you can vote in the Senate elections. The polls opened for expats yesterday and will close tonight. 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The turnout rate was one of the highest in the past decade, he said, with 44.3% of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/2984.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603263,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/17\/mps-vote-overwhelmingly-in-favor-of-constitutional-amendments\/","url_meta":{"origin":573548,"position":1},"title":"MPs vote overwhelmingly in favor of constitutional amendments","author":"enterpriseam admin","date":"17 April 2019","format":false,"excerpt":"We\u2019re going to vote next week on a new constitution after House passes proposed changes: The House of Representatives has overwhelmingly voted in favor yesterday of a package of constitutional amendments that will extend presidential terms and reinstate the upper house of parliament if approved in a national referendum, Youm7\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573874,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/23\/mostaqbal-watan-party-dominates-in-first-round-of-egypts-senate-elections\/","url_meta":{"origin":573548,"position":2},"title":"Mostaqbal Watan party dominates in first round of Egypt\u2019s Senate elections","author":"enterpriseam admin","date":"23 August 2020","format":false,"excerpt":"We now have 174 new senators representing some 20 governorates following the Senate elections that took place on 9-12 August, head of the National Election Authority Lasheen Ibrahim told reporters on Wednesday (watch, runtime 32:34). The confirmed senators cover all 100 seats allotted to party members in the 300-member chamber\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/163.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":669248,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/30\/senate-elections-kick-off-this-weekend\/","url_meta":{"origin":573548,"position":3},"title":"Senate elections kick off this weekend","author":"enterpriseam admin","date":"30 July 2025","format":false,"excerpt":"Senate elections in the spotlight: The nation\u2019s talking heads had coverage of the fast approaching Senate elections, with voting for expats set to take place this Friday and Saturday, while voters at home will head to the polls on Monday and Tuesday. Ala Masouleety\u2019s Ahmed Moussa (watch, runtime: 14:20) and\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1876.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572229,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/egypts-parliament-approves-senate-bill-usd-50-mn-ebrd-loan-agreement\/","url_meta":{"origin":573548,"position":4},"title":"Egypt\u2019s parliament approves Senate bill, USD 50 mn EBRD loan agreement","author":"enterpriseam admin","date":"16 June 2020","format":false,"excerpt":"LEGISLATION WATCH- We\u2019re officially getting a Senate again: The House of Representatives\u2019 general assembly signed off yesterday on a bill constituting the Senate as an upper house of parliament, according to Youm7, which has the full text of the bill. 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